Are you only half-covered?
Discover what you're really worth with our value guide.Many people underestimate the value of their
contents and sometimes the re- building cost of their homes. This can cost them
when they claim on their policy!
Under-insuring the full value of your
contents can affect what the insurer pays if you suffer a loss. Paying a slightly
smaller premium for a few years can definitely be a false economy.
Our
value guide will help you estimate what your home and possessions would cost to
replace.
The Estimate column is based on a standard family home of 4
bedrooms and 4 occupants - 2 parents, one teenage child and one under 12. Obviously,
circumstances and lifestyle are unique to you, and you should make your own "
Actual " assessment.
Base the values on the cost of replacing everything
"as new" assuming they were destroyed in a serious fire.
| Estimate | Actual | |||
| Cost of rebuilding – Help | ||||
| Curtains and carpets : | £5,000 | |||
| White goods such as freezers, fridges, microwaves | £2,000 | |||
| General household (kitchen utensils, linen, sundries) | £3,000 | |||
| Soft furnishings such as sofas and chairs | £5,000 | |||
| Electrical : TVs, stereos, video/ dvd, computers | £2,500 | |||
| Entertainment : CDs/video tapes/records | £1,500 | |||
| Light Fittings - lamps, ceiling and wall lights | £1,000 | |||
| Furniture - beds, tables, non fitted wardrobes/dressers | £10,000 | |||
| Sports equipment : golf, fishing, tennis, skiing, water | £3,000 | |||
| Garage/shed and garden : mowers, tools, pots, etc | £2,500 | |||
| Pedal cycles : | £2,000 | |||
| Ornaments : vases, clocks, picture frames | £2,500 | |||
| Paintings and antiques : all artworks and antiques | £2,500 | |||
| Photographic : cameras and videos | £1,500 | |||
| Alcohol, books : | £1,000 | |||
| Musical Instruments : | £500 | |||
| Clothing: Male -suits,
shirts, casual, shoes etc | £5,000 £7,500 £3,500 | |||
| Children's toys and games | £1,000 | |||
| Jewellery and watches : | £2,500 | |||
| Total | £65,000 |
The cost of re-building
This should be the
re-building costs, including site clearance and architect fees, of your home and
all outbuildings. It should not be the market value, which is often very different
and higher than the re-building cost.
The Association of British Insurers
(ABI) provides a guide to calculating re-building costs. It may help you but it
has many caveats and is only appropriate for homes of a certain age, structure
type and construction materials.
If you have a mortgage, your lender
will normally have calculated the re-building costs when authorizing the loan.
The re-building costs will be stated on the valuation or survey report but re-building
costs may have increased since that report was written. The figure will need to
be increased in line with the appropriate index, such as the RICS index (see below),
for the time since the report was carried out. Most insurers will have calculated
this for you if you have had insurance since the report.
Should you not
have a mortgage, you should get professional advice. The Royal Institution of
Chartered Surveyors lists the professionals in your area - www.ricsfirms.co.uk
Dovetail Insurance Services Ltd
Maple
House, Bayshill Road,
Cheltenham, Glos, GL50 3AW. UK
